Bit Digital, Inc. (BTBT), a cryptocurrency mining and hosting company, saw its stock price soar 5.87% in pre-market trading on Friday, following President Donald Trump's executive order aimed at promoting the mainstream adoption of cryptocurrencies.

Trump's executive order established a working group tasked with proposing new regulations for the crypto industry and exploring the creation of a national cryptocurrency stockpile. It also directed regulators to protect banking services for crypto companies, alleviating concerns about them being cut off from the financial system. Additionally, the order banned the development of any central bank digital currency that could compete with existing cryptocurrencies like Bitcoin.

The crypto-friendly moves by the Trump administration boosted investor sentiment and sparked a rally in crypto-related stocks, including Bit Digital. The company's stock price surge reflects the optimism surrounding the potential growth and mainstream adoption of cryptocurrencies in the United States.